Castleworth Ventures Inc.
TSX VENTURE : WTH

Castleworth Ventures Inc.

June 28, 2005 09:30 ET

Castleworth Arranges C$1,625,000 Financing for Gold Project; Funding for Ongoing Exploration at the Pan Gold Project in Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 28, 2005) - NOT FOR DISSEMINATION TO US NEWS WIRE SERVICES; NOT FOR DISSEMINATION IN THE UNITED STATES

Castleworth Ventures Inc. (TSX VENTURE:WTH) announced today that, subject to regulatory approval, it has entered into agreements for a non-brokered private placement to a maximum of C$1,625,000.

The private placement consists of up to 4,058,500 units priced at $0.40; each unit consisting of one common share in the capital of the Company and a non-transferable share purchase warrant. Each purchase warrant will entitle the holder to purchase one additional common share in the capital of the Company for 12 months from Closing at C$0.50 per share and at C$0.55 for a further 12 months.

Proceeds from the financing will be used for general working capital and exploration and development of the Company's 4,852 acre (more than 7.5 square mile) Pan Gold Project located 20 miles southeast of Eureka, Nevada, within the southeastern extension of the Battle Mountain-Eureka Trend.

Castleworth has identified a number of new drill targets located west of the known resource areas and is currently completing soil geochemistry on several promising areas. Drilling is expected to commence in July, initially focused on the Black Stallion Target, discovered in 2004.

Pan's current Measured and Indicated Resources are reported at 361,400 ounces and Inferred Resources are 140,600 ounces, both at a 0.01opt gold cut-off and are based on records from 550 rotary, reverse circulation, and diamond core holes totaling 154,391 ft that were drilled between 1978 and 2004.(i)

Castleworth's objective is to create wealth for its stockholders by acquiring, exploring, and developing advanced-stage projects located within the major gold producing areas of Nevada. The Company's total land position is in excess of 10,800 acres, comprised of three projects on the Tonopah/Walker Lane Trend, two on the Battle Mountain-Eureka Trend and one on the Carlin Trend. Two of the projects have known mineralization or resources of potentially economic grade and dimension.

On behalf of the Board of Directors,

Harold Gershuny, Director

(i) This resource estimate conforms to National Instrument 43-101 for resource disclosure and is included in an extensive technical report prepared by Michael Gustin, P.Geo, a qualified person, of Mine Development Associates, an independent Reno, Nevada mine engineering company. The full 43-101 compliant report is available on SEDAR and at www.castleworth.com.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Castleworth Ventures Inc.
    Harold Gershuny
    Director
    (604) 688-0607
    (604) 688-0671 (FAX)
    www.castleworth.com